The president of Venezuela, Nicolás Maduro, announced a new tax policy that seeks to increase tax collection, for which he announced the elimination of exemptions.

During an official event this Friday, February 2, Maduro indicated: “I tell everyone who wants to listen to me: the tax exemptions are over, except for one or two for very urgent health issues. Tax exemptions are over.”

During the commemorative event of the 25th anniversary of the Bolivarian Revolution, in addition to the “launch of the great Young Venezuela Mission, the head of state requested doubling income from taxes.”

The order is that this year the collection must exceed 100 % that of 2023, which exceeded USD 5,000 million.

On January 15, during the Annual Message to the Nation, Maduro “raised the tax collection goal for the year 2024 to the equivalent of 10 billion dollars.”

Some opinions refer to the goal as ambitious, taking into account the national panorama in terms of oil tax collection.

M.Pino

Source: Finanzasdigital

(Reference image source: Unsplash+, in collaboration with Getty Images)

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California cryptocurrency legislation has a new bill on its hands that could limit crypto ATM withdrawals to $1,000 a day.

The legislators’ project, called Digital Financial Asset Transaction Kiosks, points to a “withdrawal from cryptocurrency ATMs of USD 1,000 a day due to the increase in scams. Additionally, starting in 2025, the law would limit traders’ commissions to $5 or 15% of the amount (whichever is greater). The bill, if approved, would go into effect on January 1, 2024.”

The decision regarding these limits is related to a specific fact regarding the charging of high commissions for the use of crypto ATMs.

It is known that the bill was introduced after some members of the legislature visited “a cryptocurrency ATM in Sacramento and found price increases of up to 33 % in some cryptocurrency assets compared to their prices on cryptocurrency exchanges.” It is estimated that, on average, these vending machines charge commissions of between 12 % and 25 %.

Another finding by government officials was that there were crypto ATMs that had a limit of up to USD 50,000. From this situation, they estimated the need to regulate such high prices and withdrawal limits.

The owners of the companies that make these crypto ATMs available to the public indicated their dissatisfaction with the bill, arguing that regulators have not taken into account the possible losses for small operators who must rent such equipment. Additionally, they do not address the issue of customer scams.

However, Democratic Sen. Monique Limon, who co-authored the proposed legislation, noted that the “new bill seeks to ensure that people who have been defrauded in our communities do not continue to watch our state fall away” when real problems are occurring.

It is important to highlight that the project stipulates that cryptocurrency companies must obtain a license from the California Department of Financial Protection and Innovation before July 2025.

M.Pino

Source: cointelegraph

(Reference image source: GENERAL BYTES, Unsplash)

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La entrada California could limit withdrawals at crypto ATMs to a thousand dollars a day apareció primero en Bitfinance.